New York Firm To Swap I-Grade For High-Yield

  • 27 May 2001
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Rullison & Co. will rotate 10% of its portfolio from investment grade into high-yield corporate bonds over the next six weeks, says Christopher Hayes, portfolio manager with the asset management firm in Rochester, N.Y. The manager--who favors a value investing style--believes a lot of high-yield paper has suffered due to the telecom crisis, adding to the spread-widening between investment-grade and junk bonds, and creating a lot of good buying opportunities in the lower credit range.

Hayes says he owns and intends to buy more Sea Containers Ltd. (Ba3/BB-) bonds: the 9.50%s of '03, 10.50%s of '03 and the 12.50%s of '04. He also plans on continuing his play in Xerox Corp (Ba1/BBB), via the 8.12%s of '02. In the power production end, he is looking at rotating into the 6.50% Southern California Edison notes of '01(Caa2/CC).

Hayes manages a $135 million portfolio whose asset allocation is 70% corporates, 25% treasuries and 5% in cash. He does not follow a specific benchmark but indicates that his portfolio's average duration ranges between 1.5-2.0 years.

  • 27 May 2001

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Citi 244,235.70 910 8.87%
2 JPMorgan 223,767.95 1021 8.13%
3 Bank of America Merrill Lynch 211,276.97 750 7.68%
4 Barclays 166,062.82 634 6.03%
5 Goldman Sachs 162,877.27 537 5.92%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jul 2017
1 HSBC 25,385.87 103 7.10%
2 Deutsche Bank 25,125.19 81 7.03%
3 Bank of America Merrill Lynch 22,023.57 59 6.16%
4 BNP Paribas 18,766.65 109 5.25%
5 Credit Agricole CIB 18,157.63 105 5.08%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 JPMorgan 12,578.87 55 8.17%
2 Citi 11,338.07 71 7.36%
3 UBS 10,682.06 44 6.93%
4 Goldman Sachs 10,419.53 53 6.76%
5 Morgan Stanley 10,194.88 57 6.62%